Disposed

Apex Encon Projects Pvt. Ltd. and Anr. v. L and T Finance Ltd.

Bombay HC10 Nov 2017COMAP/129/2017

Case brief

AI extract

What is this about?

An appeal challenging an order where the respondent agreed to refund an amount was dismissed purely on procedural grounds. The court held that if appellants furnish necessary particulars of the third party within a week, the respondent will refund the amount directly.

What did the court decide?

Appellants directed to furnish third party particulars within one week; Respondent to refund amount directly to third party within one week thereafter.

Apex Encon Projects Pvt. Ltd. and Anr. Vs L… — Contract and Commercial Disputes | Bombay HC (2017)

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COMAP129_17.sxw

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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IN ITS COMMERCIAL DIVISION

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COMMERCIAL APPEAL NO.129 OF 2017

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CHAMBER SUMMONS NO.817 OF 2013 IN

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EXECUTION APPLICATION (L) NO.1060 OF 2013 IN

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COMMERCIAL ARBITRATION NO. NO.1355 OF 2012

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Apex Encon Projects Pvt. Ltd. and another … Appellants Vs. L and T Finance Limited … Respondent

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Mr. Gaurav Jangle i/b. I. V. Merchant and Company for Appellants. Ms S. I. Joshi i/b. S. I. Joshi & Co. for Respondent. Dr. M. S. Deshpande, Court Receiver.

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CORAM : NARESH H. PATIL & R. G. KETKAR, JJ. DATE : NOVEMBER 10, 2017

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P.C. :

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The Counsel appearing for the respondent has taken a preliminary objection that the Appeal is not maintainable as the company is wound up and a liquidator is appointed.

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The Counsel appearing for the appellants has drawn our attention to paragraph 7 of the impugned order passed by the learned Single Judge on 17.02.2017, which reads as under:

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“7. The amount paid to the Petitioner by the Respondent since 14^th February 2017 will be refunded by the Petitioner at the Petitioner's earliest possible convenience.”

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COMAP129_17.sxw

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He submitted that inspite of the order passed by the learned Single Judge, respondent has not refunded the amount deposited by the third party in the accounts of the respondent by R.T.G.S. The amount was to the tune of Rs.2,21,50,000/- (Two Crores Twenty One Lakhs Fifty Thousand only). The Counsel appearing for the respondent, on instructions, submits that respondent was and is ready and willing to refund the said amount to the third party subject to the appellants' furnishing necessary particulars including the Account Number and other details of the third party to deposit the amount. The Counsel submits that the subject machinery was sold by the respondent to a purchaser other than the third party therefore, as transaction is complete, respondent has no reason to withhold the said amount.

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We have perused the record placed before us and the impugned order. In view of the statement made by the learned Counsel appearing for the respondent in respect of the refund of amount on furnishing necessary particulars by the appellants, we dispose of the appeal in the following terms:

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(a) The appellants shall furnish the necessary particulars within a week's time;

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(b) On receipt of such information / particulars from the appellants, respondent undertakes to refund the said amount directly to the third party within a further week's time;

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(d) Pending Applications / Motions, if any, stand disposed of in view of the disposal of the Appeal.

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(R. G. KETKAR, J.)

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(NARESH H. PATIL, J.)

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Minal Parab

Apex Encon Projects Pvt. Ltd. and Anr. v. L and T Finance Ltd.

Case brief

What is this about?

What did the court decide?

Apex Encon Projects Pvt. Ltd. and Anr. v. L and T Finance Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

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